European vegetable oil prices were mixed on Wednesday as the market digested choppy trade in Malaysian palm oil and US soyoil futures, along with further gains for the dollar. Activity was light, with odd trades reported in rapeoil, crude palm oil and palm olein. Some deals were also cited in palm olein to switch previous July/August shipment purchases to October/December at unchanged prices between $612.50 and $617.50 a tonne, fob Malaysia.
Malaysian palm oil prices fell to a near three-week low before trimming losses on brisk export activity. But the European market later drew support from firm US soyoil prices in Chicago and a recovery in mineral oil. Asking prices for crude palm oil were unchanged to down $2.50 a tonne from Tuesday by the end of the session, while palm olein was offered unchanged.
Euro-denominated liquid oils were mostly marked up, helped by the euro's drop to a three-week low against a broadly stronger dollar. Soyoil was offered between 2 euros and 6 euros higher, while rapeoil was offered between $2 euros lower and $2 euros up. In lauric oils, coconut was marked down $5 to $10 but offers were thin, while palmkernel was flat to down $10. No significant trading was reported in laurics.
Comments
Comments are closed.